สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 5 มิถุนายน 2556

Gold price edges lower on India demand concerns

Gold prices held below $1,400 an ounce on Wednesday after falling in the previous session on fears of a slowdown in demand in the world's biggest bullion consumer, India, after the Reserve Bank of India imposed new rules to curb surging imports. India's central bank took tougher measures to curb gold imports on Tuesday after buying soared in May, extending a ban on deposit-based purchases to cover all imports apart from those used to make jewellery for export.

(Source: The Financial Express)

RBI tightens gold import norms

The Reserve Bank of India (RBI) has further tightened the norms for import of gold by imposing restrictions on nominated agencies, premier and star trading houses. The central bank has said these entities can import gold on a consignment basis only to meet genuine needs of gold jewellery exporters. Industry experts said the measures announced on Tuesday would dampen gold imports, which might come down by 100-120 tonnes during the current financial year.

The central bank added banks could issue letters of credit for import of gold only on a 100 per cent cash margin basis. This means the importers will have to keep the entire value of imports with banks as cash or in fixed deposits. The central bank added banks could issue letters of credit for import of gold only on a 100 per cent cash margin basis. This means the importers will have to keep the entire value of imports with banks as cash or in fixed deposits.

(Source: Business Standard)

RBI bans gold imports with bank credit

In what traders termed a near panic reaction to the sliding Indian rupee, the RBI banned import of gold by domestic consumers through bank credit and has made overseas purchase of the precious metal a cash & carry business. The move will nearly cripple retail jewellery trade and probably lead to higher smuggling into the country, putting the clock back by nearly two decades when socialistic governments restricted gold imports. Accordingly, any import of gold on consignment basis by both nominated agencies and banks shall now be permitted only to meet the needs of exporters of gold jewellery.

(Source: The Economic Times)

Curbing gold import may have short-term impact: WGC

NEW DELHI: World Gold Council today said that curbing gold import may have short-term benefit in containing demand, but cautioned that consumers appetite for yellow metal will ultimately be fulfilled by the unauthorised grey market.It suggested that the government should treat gold as strategic assets, while advocating monetisation of country's huge gold stock to support economic growth.

(Source: The Economic Times)

Govt considering raising FDI cap in defence: Rajan

Amid worries over a widening current account deficit (CAD), Chief Economic Advisor Raghuram Rajan today said the government was planning to raise the cap on foreign direct investment (FDI) in some sectors, including defence. Currently, FDI up to 26 per cent is permitted in the defence sector. The government is planning to increase it to 49 per cent. The Department of Industrial Policy and Promotion had mooted the proposal. There is also a proposal to increase FDI in telecom from 74 per cent to 100 per cent. While the Cabinet has approved a hike in the cap in insurance and pension to 49 per cent, a Bill to that effect is pending in Parliament.

(Source: Business Standard)

FDI in retail: Respite for wholesalers like Bharti Walmart as government reviews 25% restriction clause

The government may allow foreign funded cash-and-carry ventures to sell more than 25% of their total sales to 'group companies', in a move that could be a respite for wholesalers such as Bharti Walmart. The government is reviewing the restriction clause in the light of allowing FDI in multi-brand retail.

 (Source: The Economic Times)

Union Cabinet approves regulator for real estate, lays down norms to help home buyers

The Union Cabinet on Tuesday cleared a legislation to set up a long-pending real estate regulator aiming to protect home buyers from unscrupulous developers and builders.A real estate regulator — to be set up in every state — will ensure that private developers get all their projects registered with it before sale and only after obtaining all necessary clearances.

(Source: The Economic Times)

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